Benzinga - Morgan Creek Capital Management LLC CIO Mark Yusko continues to be an outspoken critic of the meme cryptocurrency Dogecoin, reiterating his stance that the token has no real utility or use case, and consequently should have no value.
What Happened: In an interview with crypto analyst Scott Melker, the hedge fund veteran criticized Dogecoin.
“The speculative nonsense like Dogecoin, why does it even exist? I mean my mind hurts. And I said the bear market would be over when DOGE is zero, and I want to stand by that but I can’t because stupid people are going to be stupid. I get in a debate with this guy. And he’s actually a friend. He’s like, ‘Memes have value'," said Yusko.
According to Yusko, crypto spring is expected to be mostly range-bound price action. However, summer could shake this up, providing a more favorable environment for a bull market.
Yusko believes that Bitcoin's price could experience a surge in anticipation of the halving event in April 2024. The halving event, which takes place every four years, cuts the rewards given to BTC miners in half.
Price Action: At the time of writing, DOGE was trading at $0.074 down 1.70% in the last 24 hours, according to Benzinga Pro.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.